Inquiry to seek further advice on Drumm

The banking inquiry is to seek further legal advice on whether it can publish a statement by former Anglo boss David Drumm after the Director of Public Prosecutions objected to the evidence being made public.

Inquiry to seek further advice on Drumm

A direction by the DPP was discussed last night by the inquiry which said that the former bank CEO’s statement — received weeks ago — could not be made public.

Sources close to the inquiry said they were “livid” as the DPP had been given notice weeks ago about the statement.

The probe has now reserved judgement on whether to publish the material and will discuss the matter further this morning, in private.

The inquiry had contacted the DPP earlier in the day to seek approval ahead of the planned publication of the statement. But it will now seek further advice from its own lawyers after the DPP’s objections. The inquiry had offered to redact or block out parts of the statement but the DPP said any publication could prejudice any future court proceedings.

Mr Drumm had refused to attend the inquiry and his offer of video-link evidence was initially blocked by the DPP. It then raised concern about his statement. As the former banker was not expected to turn up at the inquiry, it had been planned to publish his statement.

Mr Drumm’s statement was accepted a few weeks ago and those mentioned in it have also been contacted.

The announcement came after a difficult week for the banking inquiry.

Despite widespread leaking of the former banker’s take on how Anglo was run and interaction with politicians just before the crash, it now looks highly unlikely that his statement will be made public.

It also remains unclear if politicians or others will be able to submit a challenge or contradiction to Mr Drumm’s reported claims.

The banker is alleged to have claimed that Anglo’s position was discussed with Brian Cowen, just before he was made taoiseach.

It has also been alleged that Anglo lobbied Mr Cowen about the bank guarantee — despite a claim by the former taoiseach that no banks approached him about it.

The banking inquiry will hear its last day of evidence today, before it breaks for the summer.

Former Anglo non-executive director Fintan Drury will appear, the only director from the bank to attend a hearing at the probe. It is expected the inquiry will quiz him on a dinner Mr Cowen was present at in April 2008, where it is alleged Anglo’s position was discussed.

Alan Dukes and Mike Aynsley, former chairman and former CEO of IBRC, will also appear before the inquiry today. The two are expected to be asked about Anglo and the process whereby it became IBRC.

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